PROCEPT BioRobotics (NASDAQ:PRCT) Trading Down 4.3% After Insider Selling

Shares of PROCEPT BioRobotics Co. (NASDAQ:PRCT) dropped 4.3% during mid-day trading on Monday following insider selling activity. The stock traded as low as $61.29 and last traded at $61.52. Approximately 446,692 shares changed hands during trading, a decline of 17% from the average daily volume of 536,495 shares. The stock had previously closed at $64.31.

Specifically, EVP Alaleh Nouri sold 30,432 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $62.97, for a total transaction of $1,916,303.04. Following the completion of the transaction, the executive vice president now owns 62,472 shares in the company, valued at $3,933,861.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Thomas M. Krummel sold 20,000 shares of the company’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $60.00, for a total value of $1,200,000.00. Following the transaction, the director now directly owns 45,631 shares in the company, valued at $2,737,860. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Alaleh Nouri sold 30,432 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $62.97, for a total transaction of $1,916,303.04. Following the completion of the transaction, the executive vice president now directly owns 62,472 shares in the company, valued at approximately $3,933,861.84. The disclosure for this sale can be found here. Insiders have sold 138,371 shares of company stock valued at $7,459,789 in the last ninety days. 19.60% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PRCT. TD Cowen raised their target price on shares of PROCEPT BioRobotics from $65.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday. Piper Sandler raised their price objective on PROCEPT BioRobotics from $67.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday. Truist Financial upped their target price on PROCEPT BioRobotics from $63.00 to $72.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Finally, Wells Fargo & Company raised their price target on PROCEPT BioRobotics from $44.00 to $47.00 and gave the company an “overweight” rating in a research note on Tuesday, January 9th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $61.20.

PROCEPT BioRobotics Stock Up 2.2 %

The business’s 50 day moving average is $50.75 and its 200 day moving average is $44.31. The company has a quick ratio of 7.44, a current ratio of 8.52 and a debt-to-equity ratio of 0.19. The company has a market cap of $3.23 billion, a P/E ratio of -29.62 and a beta of 0.95.

PROCEPT BioRobotics (NASDAQ:PRCT) last released its quarterly earnings results on Wednesday, May 1st. The company reported ($0.51) EPS for the quarter, topping the consensus estimate of ($0.55) by $0.04. PROCEPT BioRobotics had a negative return on equity of 41.35% and a negative net margin of 66.12%. The firm had revenue of $44.50 million during the quarter, compared to analyst estimates of $41.58 million. During the same period in the previous year, the company posted ($0.63) EPS. The business’s revenue for the quarter was up 82.4% compared to the same quarter last year. As a group, equities analysts anticipate that PROCEPT BioRobotics Co. will post -1.96 earnings per share for the current fiscal year.

Institutional Trading of PROCEPT BioRobotics

Several hedge funds have recently modified their holdings of the company. FMR LLC raised its stake in shares of PROCEPT BioRobotics by 13.0% during the 3rd quarter. FMR LLC now owns 7,553,460 shares of the company’s stock worth $247,829,000 after acquiring an additional 870,364 shares in the last quarter. Vanguard Group Inc. increased its position in shares of PROCEPT BioRobotics by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 4,184,585 shares of the company’s stock worth $175,376,000 after purchasing an additional 109,694 shares in the last quarter. Loomis Sayles & Co. L P lifted its holdings in shares of PROCEPT BioRobotics by 89.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 1,345,454 shares of the company’s stock valued at $44,144,000 after purchasing an additional 636,750 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of PROCEPT BioRobotics by 32.4% in the 4th quarter. Wellington Management Group LLP now owns 1,065,698 shares of the company’s stock worth $44,663,000 after purchasing an additional 260,946 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC grew its stake in PROCEPT BioRobotics by 48.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 923,437 shares of the company’s stock worth $30,298,000 after buying an additional 303,003 shares during the last quarter. 89.46% of the stock is owned by hedge funds and other institutional investors.

PROCEPT BioRobotics Company Profile

PROCEPT BioRobotics Corporation, a surgical robotics company, focuses on developing transformative solutions in urology in the United States and internationally. The company develops, manufactures, and sells AquaBeam Robotic System, an image-guided, surgical robotic system for use in minimally invasive urologic surgery with a focus on treating benign prostatic hyperplasia (BPH).